What is Subrogation?!?

The question of the day is: what is subrogation?  Subrogation is a legal concept where one party is permitted to stand in the shoes of another party and recover damages from a third party. For example, it permits an insurer to assume the position of its insured and take legal action against a third party to recover the amount paid to the insured under the insurance policy. Say, for example, that Mr. Jones is insured and Mr. Smith causes damage to his property. Mr. Jones’ insurance company will compensate Mr. Jones and seek to recover the amount paid to Mr. Jones from Mr. Smith. This is subrogation.    Read the article……………